US-based global equity investment firm GQG Partners has increased its stake in Adani Group to move it to a total of 10 per cent making its overall holding worth $3.5 billion, reported Bloomberg.
Chief Investment Officer Rajiv Jain in an interview with Bloomberg said, "Within five years, we would like to be one of the largest investors in Adani Group, and we would certainly want to be partners in any of the Adani Group's new offerings."
In March, FII led by Rajiv Jain had signed a Rs 15,000 crore deal with Adani promoters to buy stakes in Adani Green Energy, Adani Ports, Adani Enterprises and Adani Transmission. According to a report by Economic Times Jain is in talks to invest another $1 billion in Adani firm.
This comes at a time when four of Adani's stocks were locked in their respective 5 per cent upper circuit limit for the fourth straight day on Wednesday. Adani Transmission and Adani Total Gas shares were up 5 per cent each and the shares of Adani Power and Adani Green jumped by 4 per cent. Whereas Adani Port and Adani Enterprises were flat.
The surge in Adani stocks began after the 173-page report by the Supreme Court panel that stated that there was no evidence of pattern manipulation by Adani was made public.
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